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@betasy 2017-05-20T08:21:05.000000Z 字数 30199 阅读 1831

面板数据模型——存量数据分析

科研

钢铁存量数据分析

  1. import excel "G:\Stock Estimation Study\OriginalData\StockSteelPanel1992_2008_PanelData.xls", sheet("Sheet1") firstrow case(upper)
  1. sort ZONE_CODE YEAR
  1. xtset ZONE_CODE YEAR
  2. panel variable:  ZONE_CODE (strongly balanced)```
  3. time variable:  YEAR, 1992 to 2008
  4. delta:  1 unit
  1. xtunitroot llc LOG_LIGHT_PER_AREA
  1. Levin-Lin-Chu unit-root test for LOG_LIGHT_PER_AREA
  2. ---------------------------------------------------
  3. Ho: Panels contain unit roots               Number of panels  =    159
  4. Ha: Panels are stationary                   Number of periods =     17
  6. AR parameter: Common                        Asymptotics: N/T -> 0
  7. Panel means:  Included
  8. Time trend:   Not included
  10. ADF regressions: 1 lag
  11. LR variance:     Bartlett kernel, 8.00 lags average (chosen by LLC)
  12. ------------------------------------------------------------------------------
  13.                     Statistic      p-value
  14. ------------------------------------------------------------------------------
  15.  Unadjusted t       -37.8053
  16.  Adjusted t*        -15.5151        0.0000
  17. ------------------------------------------------------------------------------

对LOG_STOCK_PER_AREA做单位根检验

  1. xtunitroot llc LOG_STOCK_PER_AREA
  1. Levin-Lin-Chu unit-root test for LOG_STOCK_PER_AREA
  2. ---------------------------------------------------
  3. Ho: Panels contain unit roots               Number of panels  =    159
  4. Ha: Panels are stationary                   Number of periods =     17
  6. AR parameter: Common                        Asymptotics: N/T -> 0
  7. Panel means:  Included
  8. Time trend:   Not included
  10. ADF regressions: 1 lag
  11. LR variance:     Bartlett kernel, 8.00 lags average (chosen by LLC)
  12. ------------------------------------------------------------------------------
  13.                     Statistic      p-value
  14. ------------------------------------------------------------------------------
  15.  Unadjusted t        -5.0934
  16.  Adjusted t*         -2.6353        0.0042
  17. ------------------------------------------------------------------------------
  1. xtwest LOG_LIGHT_PER_AREA LOG_STOCK_PER_AREA,lags(0)
  3. Calculating Westerlund ECM panel cointegration tests..........
  5. Results for H0: no cointegration
  6. With 159 series and 1 covariate
  8. -----------------------------------------------+
  9.  Statistic |   Value   |  Z-value  |  P-value  |
  10. -----------+-----------+-----------+-----------|
  11.      Gt    |   -4.355  |  -40.949  |   0.000   |
  12.      Ga    |   -6.445  |   -7.326  |   0.000   |
  13.      Pt    |  -29.049  |  -19.372  |   0.000   |
  14.      Pa    |   -2.541  |   -6.598  |   0.000   |
  15. -----------------------------------------------+
  1. xtreg LOG_STOCK_PER_AREA LOG_LIGHT_PER_AREA  i.YEAR  i.ZONE_CODE
  1. Random-effects GLS regression                   Number of obs     =      2,703
  2. Group variable: ZONE_CODE                       Number of groups  =        159
  4. R-sq:                                           Obs per group:
  5.      within  = 0.5383                                         min =         17
  6.      between = 1.0000                                         avg =       17.0
  7.      overall = 0.9941                                         max =         17
  9.                                                 Wald chi2(175)    =  428679.43
  10. corr(u_i, X)   = 0 (assumed)                    Prob > chi2       =     0.0000
  12. ------------------------------------------------------------------------------------
  13. LOG_STOCK_PER_AREA |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
  14. -------------------+----------------------------------------------------------------
  15. LOG_LIGHT_PER_AREA |   .1538709   .0236574     6.50   0.000     .1075031    .2002386
  16.                    |
  17.               YEAR |
  18.              1993  |   -.012017   .0266248    -0.45   0.652    -.0642007    .0401667
  19.              1994  |   .0135143   .0273098     0.49   0.621    -.0400119    .0670405
  20.              1995  |   .0509433   .0275755     1.85   0.065    -.0031037    .1049902
  21.              1996  |   .0922732   .0280408     3.29   0.001     .0373143    .1472321
  22.              1997  |   .1230001    .029331     4.19   0.000     .0655124    .1804878
  23.              1998  |   .1555406   .0295608     5.26   0.000     .0976025    .2134787
  24.              1999  |   .1888044   .0304153     6.21   0.000     .1291916    .2484172
  25.              2000  |   .2361662   .0306377     7.71   0.000     .1761173     .296215
  26.              2001  |   .2914527   .0307391     9.48   0.000     .2312051    .3517002
  27.              2002  |   .3404478   .0308547    11.03   0.000     .2799738    .4009219
  28.              2003  |   .3822695   .0309669    12.34   0.000     .3215755    .4429634
  29.              2004  |   .4342341     .03115    13.94   0.000     .3731813    .4952868
  30.              2005  |    .488491   .0311841    15.66   0.000     .4273713    .5496106
  31.              2006  |   .5385048   .0312765    17.22   0.000      .477204    .5998056
  32.              2007  |   .5843757   .0314047    18.61   0.000     .5228237    .6459278
  33.              2008  |   .6089662   .0331787    18.35   0.000     .5439371    .6739953
  34.                    |
  35.          ZONE_CODE |
  36.                 2  |     2.6485   .1014312    26.11   0.000     2.449698    2.847301
  37.                 3  |   5.272625   .1810327    29.13   0.000     4.917807    5.627442
  38.                 4  |   .7695426   .0772966     9.96   0.000     .6180441    .9210412
  39.                 5  |   3.964372    .139602    28.40   0.000     3.690758    4.237987
  40.                 6  |   4.062429   .1694399    23.98   0.000     3.730333    4.394526
  41.                 7  |   2.878907   .1073893    26.81   0.000     2.668428    3.089386
  42.                 8  |   2.764194   .0912072    30.31   0.000     2.585431    2.942957
  43.                 9  |   6.415639   .1348331    47.58   0.000     6.151371    6.679906
  44.                10  |   4.937338    .133361    37.02   0.000     4.675955    5.198721
  45.                11  |   7.333035   .2060008    35.60   0.000     6.929281    7.736789
  46.                12  |   3.447864   .1152364    29.92   0.000     3.222005    3.673724
  47.                13  |   6.422604   .1943077    33.05   0.000     6.041768    6.803441
  48.                14  |   9.665833   .1739859    55.56   0.000     9.324827    10.00684
  49.                15  |   2.321405   .0974262    23.83   0.000     2.130453    2.512357
  50.                16  |   1.818854   .0819679    22.19   0.000     1.658199    1.979508
  51.                17  |   8.834118   .2014314    43.86   0.000      8.43932    9.228916
  52.                18  |   1.253586    .088556    14.16   0.000      1.08002    1.427153
  53.                19  |   .8064247   .1506135     5.35   0.000     .5112276    1.101622
  54.                20  |   6.002451   .1625723    36.92   0.000     5.683815    6.321086
  55.                21  |   2.777845   .1064371    26.10   0.000     2.569232    2.986458
  56.                22  |   5.159056   .1644163    31.38   0.000     4.836806    5.481306
  57.                23  |   4.603165   .1132599    40.64   0.000     4.381179     4.82515
  58.                24  |   .9965899   .0801605    12.43   0.000     .8394782    1.153702
  59.                25  |   1.806606   .0896811    20.14   0.000     1.630834    1.982377
  60.                26  |   2.347105   .0780555    30.07   0.000     2.194119    2.500091
  61.                27  |   1.787024   .0796515    22.44   0.000      1.63091    1.943138
  62.                28  |   2.765068   .1181023    23.41   0.000     2.533592    2.996545
  63.                29  |   2.761307   .1079907    25.57   0.000     2.549649    2.972964
  64.                30  |   5.131186   .1772579    28.95   0.000     4.783767    5.478605
  65.                31  |  -.4979067   .0847948    -5.87   0.000    -.6641015   -.3317118
  66.                32  |  -.9841552   .0914051   -10.77   0.000    -1.163306   -.8050046
  67.                33  |   3.239665   .1057331    30.64   0.000     3.032432    3.446898
  68.                34  |   4.733858   .1101153    42.99   0.000     4.518036     4.94968
  69.                35  |   5.788988   .2078561    27.85   0.000     5.381598    6.196378
  70.                36  |   6.877898   .1978046    34.77   0.000     6.490208    7.265588
  71.                37  |   2.846325   .1093945    26.02   0.000     2.631916    3.060734
  72.                38  |   .1700638   .0772403     2.20   0.028     .0186755    .3214521
  73.                39  |    3.91477   .1356237    28.86   0.000     3.648952    4.180587
  74.                40  |    2.45967   .0912924    26.94   0.000      2.28074    2.638599
  75.                41  |   6.328014   .1635268    38.70   0.000     6.007507    6.648521
  76.                42  |    6.87416   .1469482    46.78   0.000     6.586147    7.162173
  77.                43  |   6.280236   .0800697    78.43   0.000     6.123302     6.43717
  78.                44  |    6.19938   .1531185    40.49   0.000     5.899273    6.499486
  79.                45  |   2.353939   .0880023    26.75   0.000     2.181458     2.52642
  80.                46  |  -.1995248   .1376864    -1.45   0.147    -.4693852    .0703356
  81.                47  |   7.357964   .1041148    70.67   0.000     7.153902    7.562025
  82.                48  |   3.170046    .117906    26.89   0.000     2.938955    3.401138
  83.                49  |   3.341632   .1267615    26.36   0.000     3.093184     3.59008
  84.                50  |   4.472821    .142224    31.45   0.000     4.194067    4.751575
  85.                51  |   1.048248   .0945956    11.08   0.000     .8628443    1.233652
  86.                52  |  -6.154685   .0774858   -79.43   0.000    -6.306555   -6.002816
  87.                53  |    3.86321   .0837971    46.10   0.000     3.698971     4.02745
  88.                54  |   4.064431    .144218    28.18   0.000     3.781768    4.347093
  89.                55  |   1.737262   .0932491    18.63   0.000     1.554497    1.920027
  90.                56  |   5.853154   .1539229    38.03   0.000      5.55147    6.154837
  91.                57  |  -4.978223   .0840264   -59.25   0.000    -5.142912   -4.813535
  92.                58  |   4.664217   .1124479    41.48   0.000     4.443823    4.884611
  93.                60  |   1.637694   .0987101    16.59   0.000     1.444226    1.831162
  94.                61  |   2.575149   .0896822    28.71   0.000     2.399375    2.750923
  95.                62  |   6.679395    .157858    42.31   0.000     6.369999    6.988791
  96.                63  |   2.809901   .1010385    27.81   0.000     2.611869    3.007933
  97.                64  |   7.540402   .2040098    36.96   0.000      7.14055    7.940254
  98.                65  |   5.602549   .1341254    41.77   0.000     5.339668     5.86543
  99.                66  |   -1.68649   .1209592   -13.94   0.000    -1.923566   -1.449414
  100.                67  |    4.68367    .137808    33.99   0.000     4.413572    4.953769
  101.                68  |   5.839159   .1746362    33.44   0.000     5.496878     6.18144
  102.                69  |   3.395247   .1162204    29.21   0.000     3.167459    3.623034
  103.                70  |   .8417734   .0770971    10.92   0.000      .690666    .9928809
  104.                71  |   1.402544   .0822478    17.05   0.000     1.241341    1.563747
  105.                72  |   1.318445   .0770766    17.11   0.000     1.167377    1.469512
  106.                73  |   2.684536   .1030241    26.06   0.000     2.482613     2.88646
  107.                74  |   2.820352   .1109529    25.42   0.000     2.602889    3.037816
  108.                75  |   5.484383   .1351866    40.57   0.000     5.219422    5.749344
  109.                76  |    2.65618   .1070203    24.82   0.000     2.446424    2.865936
  110.                77  |   4.337184   .1181732    36.70   0.000     4.105568    4.568799
  111.                78  |   3.060977   .1067782    28.67   0.000     2.851696    3.270259
  112.                79  |   3.527272   .1262391    27.94   0.000     3.279848    3.774696
  113.                80  |   3.013241   .1258681    23.94   0.000     2.766544    3.259937
  114.                81  |   5.029444    .133476    37.68   0.000     4.767836    5.291052
  115.                82  |   6.023652   .1829804    32.92   0.000     5.665017    6.382287
  116.                83  |    6.29951   .1666177    37.81   0.000     5.972945    6.626075
  117.                84  |   5.071651   .1569709    32.31   0.000     4.763993    5.379308
  118.                85  |   6.863879   .1744457    39.35   0.000     6.521971    7.205786
  119.                86  |   3.777174   .1283662    29.42   0.000      3.52558    4.028767
  120.                87  |   2.287752   .0819614    27.91   0.000     2.127111    2.448394
  121.                88  |   5.841129   .1793523    32.57   0.000     5.489605    6.192654
  122.                89  |   .3523243   .0774652     4.55   0.000     .2004954    .5041533
  123.                90  |   5.498023   .1737487    31.64   0.000     5.157481    5.838564
  124.                91  |   2.380049   .1019444    23.35   0.000     2.180242    2.579856
  125.                92  |   1.622203   .0782357    20.73   0.000     1.468864    1.775542
  126.                93  |   1.300299   .0894076    14.54   0.000     1.125063    1.475535
  127.                95  |  -.2894955   .0790201    -3.66   0.000    -.4443721    -.134619
  128.                96  |   7.793941   .2089626    37.30   0.000     7.384382      8.2035
  129.                97  |   6.055929   .1839442    32.92   0.000     5.695405    6.416453
  130.                98  |  -.3703861   .0800052    -4.63   0.000    -.5271935   -.2135787
  131.                99  |   5.403139   .1568487    34.45   0.000     5.095721    5.710557
  132.               100  |   3.754922   .1307143    28.73   0.000     3.498726    4.011117
  133.               102  |   3.614245   .1087713    33.23   0.000     3.401057    3.827433
  134.               103  |   2.025853   .0812623    24.93   0.000     1.866582    2.185124
  135.               104  |   1.279829   .1676288     7.63   0.000     .9512822    1.608375
  136.               106  |   .9624385   .0830845    11.58   0.000     .7995958    1.125281
  137.               107  |   4.512252   .1991718    22.66   0.000     4.121882    4.902621
  138.               108  |   7.015268   .1861272    37.69   0.000     6.650466    7.380071
  139.               109  |   4.294491   .1137096    37.77   0.000     4.071624    4.517358
  140.               110  |   2.332366   .1005265    23.20   0.000     2.135338    2.529395
  141.               111  |  -.6747275   .0806277    -8.37   0.000    -.8327549      -.5167
  142.               112  |   2.928976   .1273098    23.01   0.000     2.679454    3.178499
  143.               113  |   3.692105   .1345081    27.45   0.000     3.428474    3.955736
  144.               114  |   2.213963   .1202582    18.41   0.000     1.978262    2.449665
  145.               115  |   3.482769   .1174638    29.65   0.000     3.252544    3.712994
  146.               117  |   5.680001   .1175623    48.31   0.000     5.449584    5.910419
  147.               118  |   1.413116   .0784168    18.02   0.000     1.259422     1.56681
  148.               119  |   1.694842   .0976572    17.36   0.000     1.503437    1.886246
  149.               120  |   2.374117   .0926357    25.63   0.000     2.192555     2.55568
  150.               121  |   4.716376   .1142936    41.27   0.000     4.492365    4.940387
  151.               122  |   5.430751   .1375887    39.47   0.000     5.161082     5.70042
  152.               123  |   5.343048   .1514954    35.27   0.000     5.046123    5.639974
  153.               124  |   5.115659   .1718226    29.77   0.000     4.778893    5.452425
  154.               125  |   6.509617   .1725145    37.73   0.000     6.171495    6.847739
  155.               126  |   5.814122   .1513897    38.40   0.000     5.517403     6.11084
  156.               127  |    5.51431   .1106238    49.85   0.000     5.297491    5.731128
  157.               128  |   1.891005    .092014    20.55   0.000     1.710661    2.071349
  158.               129  |   4.636917   .1596551    29.04   0.000     4.323999    4.949835
  159.               130  |   4.865759   .1569301    31.01   0.000     4.558182    5.173336
  160.               131  |   4.912346   .1417026    34.67   0.000     4.634614    5.190078
  161.               133  |    3.23187   .1236824    26.13   0.000     2.989457    3.474283
  162.               134  |   2.486685   .0847015    29.36   0.000     2.320673    2.652697
  163.               135  |   4.780616   .1226922    38.96   0.000     4.540144    5.021088
  164.               136  |   2.373614   .0817923    29.02   0.000     2.213304    2.533924
  165.               137  |   9.974795   .2152256    46.35   0.000      9.55296    10.39663
  166.               139  |   5.308801   .1497967    35.44   0.000     5.015204    5.602397
  167.               140  |   3.990747   .1159077    34.43   0.000     3.763572    4.217922
  168.               141  |   1.007703   .0796294    12.65   0.000     .8516319    1.163773
  169.               142  |   1.714296   .0828878    20.68   0.000     1.551839    1.876753
  170.               143  |   4.451921   .1393913    31.94   0.000     4.178719    4.725123
  171.               144  |   6.761062    .159327    42.44   0.000     6.448786    7.073337
  172.               145  |   3.517214   .1370103    25.67   0.000     3.248679    3.785749
  173.               146  |   4.522656   .1263708    35.79   0.000     4.274973    4.770338
  174.               147  |   1.072126   .0816017    13.14   0.000     .9121892    1.232062
  175.               148  |   2.508443   .0916688    27.36   0.000     2.328775    2.688111
  176.               149  |   3.521796   .1114386    31.60   0.000      3.30338    3.740212
  177.               150  |   6.649632   .1679852    39.58   0.000     6.320387    6.978877
  178.               151  |   3.967771   .1234352    32.14   0.000     3.725843      4.2097
  179.               152  |    4.27045   .1181887    36.13   0.000     4.038804    4.502095
  180.               153  |   .8320431   .0803719    10.35   0.000      .674517    .9895691
  181.               154  |   4.301483   .1631274    26.37   0.000      3.98176    4.621207
  182.               155  |   6.806626   .1743368    39.04   0.000     6.464933     7.14832
  183.               156  |   .9802655   .0775853    12.63   0.000     .8282012     1.13233
  184.               157  |   2.582528   .1103783    23.40   0.000      2.36619    2.798865
  185.               158  |   4.879265   .1531446    31.86   0.000     4.579108    5.179423
  186.               159  |   3.421049   .0912784    37.48   0.000     3.242147    3.599952
  187.               160  |   3.063307   .1023132    29.94   0.000     2.862777    3.263837
  188.               161  |  -5.023061   .0770874   -65.16   0.000    -5.174149   -4.871972
  189.               162  |   .7912129   .0830179     9.53   0.000     .6285008    .9539249
  190.               163  |   2.166236    .095473    22.69   0.000     1.979112    2.353359
  191.               381  |   1.086367    .092106    11.79   0.000     .9058431    1.266892
  192.               941  |   4.744214   .1287061    36.86   0.000     4.491955    4.996473
  193.              5001  |   3.396086    .163299    20.80   0.000     3.076026    3.716146
  194.                    |
  195.              _cons |   .5175747   .1167511     4.43   0.000     .2887467    .7464028
  196. -------------------+----------------------------------------------------------------
  197.            sigma_u |          0
  198.            sigma_e |  .22471475
  199.                rho |          0   (fraction of variance due to u_i)
  200. ------------------------------------------------------------------------------------

铝存量数据分析

  1. . import excel "G:\Stock Estimation Study\OriginalData\StockAlPanel1992_2010_PanelData.xls", sheet("Sheet1") firstrow case(upper) clear
  1. . sort ZONE_CODE YEAR
  1. . xtset ZONE_CODE YEAR
  2.        panel variable:  ZONE_CODE (strongly balanced)
  3.         time variable:  YEAR, 1992 to 2010
  4.                 delta:  1 unit
  1. xtunitroot llc LOG_LIGHT_PER_AREA
  3. Levin-Lin-Chu unit-root test for LOG_LIGHT_PER_AREA
  4. ---------------------------------------------------
  5. Ho: Panels contain unit roots               Number of panels  =    134
  6. Ha: Panels are stationary                   Number of periods =     19
  8. AR parameter: Common                        Asymptotics: N/T -> 0
  9. Panel means:  Included
  10. Time trend:   Not included
  12. ADF regressions: 1 lag
  13. LR variance:     Bartlett kernel, 8.00 lags average (chosen by LLC)
  14. ------------------------------------------------------------------------------
  15.                     Statistic      p-value
  16. ------------------------------------------------------------------------------
  17.  Unadjusted t       -34.4696
  18.  Adjusted t*        -11.0321        0.0000
  19. ------------------------------------------------------------------------------

对LOG_STOCK_PER_AREA做单位根检验

  1. xtunitroot llc LOG_STOCK_PER_AREA
  3. Levin-Lin-Chu unit-root test for LOG_STOCK_PER_AREA
  4. ---------------------------------------------------
  5. Ho: Panels contain unit roots               Number of panels  =    134
  6. Ha: Panels are stationary                   Number of periods =     19
  8. AR parameter: Common                        Asymptotics: N/T -> 0
  9. Panel means:  Included
  10. Time trend:   Not included
  12. ADF regressions: 1 lag
  13. LR variance:     Bartlett kernel, 8.00 lags average (chosen by LLC)
  14. ------------------------------------------------------------------------------
  15.                     Statistic      p-value
  16. ------------------------------------------------------------------------------
  17.  Unadjusted t        -7.7739
  18.  Adjusted t*         -4.0039        0.0000
  19. ------------------------------------------------------------------------------
  1. xtwest LOG_LIGHT_PER_AREA LOG_STOCK_PER_AREA,lags(0)
  3. Calculating Westerlund ECM panel cointegration tests..........
  5. Results for H0: no cointegration
  6. With 134 series and 1 covariate
  8. -----------------------------------------------+
  9.  Statistic |   Value   |  Z-value  |  P-value  |
  10. -----------+-----------+-----------+-----------|
  11.      Gt    |   -2.106  |  -12.571  |   0.000   |
  12.      Ga    |   -4.779  |   -2.486  |   0.007   |
  13.      Pt    |  -14.891  |   -7.695  |   0.000   |
  14.      Pa    |   -1.831  |   -3.215  |   0.001   |
  15. -----------------------------------------------+
  1. xtreg LOG_STOCK_PER_AREA LOG_LIGHT_PER_AREA  i.YEAR  i.ZONE_CODE
  3. Random-effects GLS regression                   Number of obs     =      2,546
  4. Group variable: ZONE_CODE                       Number of groups  =        134
  6. R-sq:                                           Obs per group:
  7.      within  = 0.6252                                         min =         19
  8.      between = 1.0000                                         avg =       19.0
  9.      overall = 0.9870                                         max =         19
  11.                                                 Wald chi2(152)    =  181548.42
  12. corr(u_i, X)   = 0 (assumed)                    Prob > chi2       =     0.0000
  14. ------------------------------------------------------------------------------------
  15. LOG_STOCK_PER_AREA |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
  16. -------------------+----------------------------------------------------------------
  17. LOG_LIGHT_PER_AREA |   .4967024   .0352008    14.11   0.000     .4277101    .5656947
  18.                    |
  19.               YEAR |
  20.              1993  |  -.1376636   .0412057    -3.34   0.001    -.2184253   -.0569018
  21.              1994  |  -.1277133   .0420884    -3.03   0.002    -.2102051   -.0452216
  22.              1995  |  -.0856746   .0423222    -2.02   0.043    -.1686246   -.0027246
  23.              1996  |  -.0481264   .0430046    -1.12   0.263    -.1324139    .0361612
  24.              1997  |  -.0381711   .0446225    -0.86   0.392    -.1256296    .0492874
  25.              1998  |   .0221525   .0446225     0.50   0.620     -.065306    .1096109
  26.              1999  |   .0376566   .0461891     0.82   0.415    -.0528724    .1281855
  27.              2000  |   .1055052   .0465131     2.27   0.023     .0143412    .1966691
  28.              2001  |   .1671173   .0466763     3.58   0.000     .0756335    .2586011
  29.              2002  |   .2273004    .046836     4.85   0.000     .1355036    .3190973
  30.              2003  |    .301138   .0470275     6.40   0.000     .2089658    .3933101
  31.              2004  |   .3865336    .047311     8.17   0.000     .2938056    .4792615
  32.              2005  |   .4734065    .047368     9.99   0.000     .3805668    .5662462
  33.              2006  |   .5577219   .0475142    11.74   0.000     .4645958     .650848
  34.              2007  |   .6365256   .0477151    13.34   0.000     .5430057    .7300455
  35.              2008  |   .6578842   .0505639    13.01   0.000     .5587808    .7569876
  36.              2009  |   .8050588   .0471359    17.08   0.000     .7126741    .8974434
  37.              2010  |   .8533531   .0476851    17.90   0.000      .759892    .9468141
  38.                    |
  39.          ZONE_CODE |
  40.                 2  |   2.300265   .1301693    17.67   0.000     2.045138    2.555392
  41.                 3  |   .6996974    .141536     4.94   0.000     .4222918    .9771029
  42.                 4  |  -.1182053    .104615    -1.13   0.259    -.3232468    .0868363
  43.                 5  |   1.331926   .1510511     8.82   0.000     1.035871    1.627981
  44.                 6  |    1.91986   .1256395    15.28   0.000     1.673611    2.166109
  45.                 7  |   4.191452   .1929966    21.72   0.000     3.813186    4.569718
  46.                 8  |    6.47415   .3005606    21.54   0.000     5.885062    7.063238
  47.                 9  |    2.16209   .1628286    13.28   0.000     1.842952    2.481229
  48.                10  |   3.565006   .2829445    12.60   0.000     3.010445    4.119567
  49.                11  |   7.264813   .2524387    28.78   0.000     6.770042    7.759584
  50.                12  |   1.543092    .136109    11.34   0.000     1.276323    1.809861
  51.                13  |    1.15604   .1115186    10.37   0.000     .9374675    1.374612
  52.                14  |   5.473913   .2936114    18.64   0.000     4.898445     6.04938
  53.                15  |  -.0140418   .1216168    -0.12   0.908    -.2524062    .2243227
  54.                16  |   1.320605    .149621     8.83   0.000     1.027353    1.613857
  55.                17  |    1.56315   .1598371     9.78   0.000     1.249875    1.876425
  56.                18  |   .4156022   .1088395     3.82   0.000     .2022807    .6289237
  57.                19  |    .585068   .1232997     4.75   0.000     .3434049     .826731
  58.                20  |    .824957   .1058127     7.80   0.000      .617568    1.032346
  59.                21  |   3.097178   .1078813    28.71   0.000     2.885734    3.308621
  60.                22  |   1.396844   .1672177     8.35   0.000     1.069104    1.724585
  61.                23  |  -.3979266   .1177813    -3.38   0.001    -.6287738   -.1670794
  62.                24  |  -1.594112   .1281451   -12.44   0.000    -1.845271   -1.342952
  63.                25  |   1.453808    .148476     9.79   0.000     1.162801    1.744816
  64.                26  |   2.791853   .1560551    17.89   0.000     2.485991    3.097715
  65.                27  |   1.093584   .1541436     7.09   0.000     .7914683      1.3957
  66.                28  |  -1.108998   .1044472   -10.62   0.000    -1.313711   -.9042852
  67.                29  |   1.729227   .1941298     8.91   0.000      1.34874    2.109715
  68.                30  |   1.179077   .1614885     7.30   0.000     .8625653    1.495589
  69.                31  |   3.890955   .2368609    16.43   0.000     3.426716    4.355194
  70.                32  |   3.306763   .2113095    15.65   0.000     2.892604    3.720922
  71.                33  |   3.654609   .2206818    16.56   0.000      3.22208    4.087137
  72.                34  |   1.341353   .1207571    11.11   0.000     1.104674    1.578033
  73.                35  |    6.40959   .1453948    44.08   0.000     6.124622    6.694559
  74.                36  |   1.245136   .1673123     7.44   0.000     .9172102    1.573062
  75.                37  |   1.660801   .1814241     9.15   0.000     1.305216    2.016385
  76.                38  |   1.780654   .2043594     8.71   0.000     1.380117    2.181191
  77.                39  |   .5206395   .1051969     4.95   0.000     .3144573    .7268217
  78.                40  |   2.444963   .1140077    21.45   0.000     2.221512    2.668414
  79.                41  |   1.410516   .2075824     6.79   0.000     1.003662     1.81737
  80.                42  |   3.497855   .2220278    15.75   0.000     3.062689    3.933022
  81.                43  |   3.558843   .1581234    22.51   0.000     3.248927    3.868759
  82.                44  |   .2187951    .137684     1.59   0.112    -.0510607    .4886508
  83.                45  |    1.80429    .123921    14.56   0.000     1.561409    2.047171
  84.                46  |   4.460873   .2279286    19.57   0.000     4.014141    4.907605
  85.                47  |   3.238609   .1411461    22.95   0.000     2.961968     3.51525
  86.                48  |   3.259897   .1921943    16.96   0.000     2.883203    3.636591
  87.                49  |  -.1998663   .1759664    -1.14   0.256    -.5447541    .1450215
  88.                50  |   3.660494   .1981053    18.48   0.000     3.272215    4.048773
  89.                51  |     2.0033   .1647454    12.16   0.000     1.680405    2.326195
  90.                52  |   1.054697   .1043223    10.11   0.000      .850229    1.259165
  91.                53  |   .9428581    .113113     8.34   0.000     .7211607    1.164556
  92.                54  |   .4676633   .1043408     4.48   0.000     .2631591    .6721676
  93.                55  |   .6150387   .1441725     4.27   0.000     .3324658    .8976117
  94.                56  |   1.256051   .1565858     8.02   0.000     .9491489    1.562954
  95.                57  |   3.236195   .1935761    16.72   0.000     2.856793    3.615597
  96.                58  |   2.249977   .1504517    14.95   0.000     1.955098    2.544857
  97.                59  |   2.052467   .1676533    12.24   0.000     1.723873    2.381062
  98.                60  |    1.04444    .149992     6.96   0.000      .750461    1.338419
  99.                61  |   1.249202   .1800987     6.94   0.000     .8962149    1.602189
  100.                62  |   .5622257   .1794833     3.13   0.002     .2104448    .9140066
  101.                63  |   3.201224   .1910876    16.75   0.000     2.826699    3.575748
  102.                64  |   2.775933   .2661479    10.43   0.000     2.254292    3.297573
  103.                65  |   3.784509   .2413144    15.68   0.000     3.311541    4.257476
  104.                66  |   2.362703   .2266162    10.43   0.000     1.918543    2.806862
  105.                67  |   4.568686   .2530176    18.06   0.000      4.07278    5.064591
  106.                68  |   1.924941   .1834215    10.49   0.000     1.565442    2.284441
  107.                69  |   .7265016   .1114203     6.52   0.000     .5081218    .9448813
  108.                70  |   3.044998   .2609396    11.67   0.000     2.533566     3.55643
  109.                71  |   2.693553   .2532398    10.64   0.000     2.197212    3.189894
  110.                72  |   .3191895   .1425997     2.24   0.025     .0396992    .5986798
  111.                73  |   .6334667   .1066786     5.94   0.000     .4243804    .8425529
  112.                74  |   .1633809   .1230388     1.33   0.184    -.0777707    .4045324
  113.                75  |     2.6013   .1842372    14.12   0.000     2.240201    2.962398
  114.                76  |  -.3197695   .1079176    -2.96   0.003     -.531284   -.1082549
  115.                77  |   4.620965   .3050961    15.15   0.000     4.022987    5.218942
  116.                78  |  -.8317163   .1096008    -7.59   0.000     -1.04653   -.6169027
  117.                79  |   3.123629   .2266999    13.78   0.000     2.679306    3.567953
  118.                80  |   2.095324    .186791    11.22   0.000     1.729221    2.461428
  119.                81  |  -2.087541   .1071576   -19.48   0.000    -2.297566   -1.877516
  120.                82  |    1.51643   .1531193     9.90   0.000     1.216322    1.816538
  121.                83  |   .6669855   .1043404     6.39   0.000     .4624821    .8714889
  122.                84  |     -.0652   .1105457    -0.59   0.555    -.2818655    .1514655
  123.                85  |   4.742631   .2706513    17.52   0.000     4.212164    5.273098
  124.                86  |   2.537122   .1603648    15.82   0.000     2.222813    2.851431
  125.                87  |   .8368688   .1403403     5.96   0.000     .5618069    1.111931
  126.                88  |  -.8111559    .110862    -7.32   0.000    -1.028441   -.5938705
  127.                89  |   .7640657     .18101     4.22   0.000     .4092926    1.118839
  128.                90  |   2.730666   .1927785    14.16   0.000     2.352827    3.108505
  129.                91  |   1.132778   .1711189     6.62   0.000     .7973913    1.468165
  130.                92  |   .6458884   .1664382     3.88   0.000     .3196754    .9721013
  131.                93  |   3.660565   .1666806    21.96   0.000     3.333877    3.987253
  132.                94  |   .5560154   .1060401     5.24   0.000     .3481807    .7638502
  133.                95  |   .6958225   .1360361     5.11   0.000     .4291966    .9624484
  134.                96  |   .4770109   .1281854     3.72   0.000     .2257721    .7282498
  135.                97  |   2.558254   .1617586    15.82   0.000     2.241213    2.875295
  136.                98  |   2.096113   .1972702    10.63   0.000      1.70947    2.482755
  137.                99  |   3.168947   .2189452    14.47   0.000     2.739823    3.598072
  138.               100  |   2.688654    .249697    10.77   0.000     2.199256    3.178051
  139.               101  |   3.423951   .2505569    13.67   0.000     2.932868    3.915033
  140.               102  |   3.369782   .1562485    21.57   0.000     3.063541    3.676024
  141.               103  |   .8659715   .1268647     6.83   0.000     .6173212    1.114622
  142.               105  |   1.556168   .1759929     8.84   0.000     1.211229    1.901108
  143.               106  |   1.389406   .1157683    12.00   0.000     1.162504    1.616307
  144.               107  |   3.953373   .1750422    22.59   0.000     3.610296    4.296449
  145.               108  |   1.145161   .1128373    10.15   0.000     .9240043    1.366318
  146.               109  |   7.333696   .3143753    23.33   0.000     6.717531     7.94986
  147.               110  |   2.875152   .2159401    13.31   0.000     2.451917    3.298387
  148.               111  |   2.019048   .1640385    12.31   0.000     1.697539    2.340558
  149.               112  |  -.2271002   .1079585    -2.10   0.035     -.438695   -.0155053
  150.               113  |   3.102279   .1130031    27.45   0.000     2.880797    3.323761
  151.               114  |   2.108461   .1999507    10.54   0.000     1.716565    2.500357
  152.               115  |   4.482104   .2303422    19.46   0.000     4.030642    4.933566
  153.               116  |   1.237476   .1962667     6.31   0.000     .8528004    1.622152
  154.               117  |   2.528206   .1802975    14.02   0.000      2.17483    2.881583
  155.               118  |   1.403679   .1264567    11.10   0.000     1.155829     1.65153
  156.               119  |   3.125466   .1571575    19.89   0.000     2.817443    3.433489
  157.               120  |    3.08893   .2444303    12.64   0.000     2.609856    3.568005
  158.               121  |   1.337379   .1757508     7.61   0.000     .9929134    1.681844
  159.               122  |   2.073989   .1677618    12.36   0.000     1.745182    2.402796
  160.               123  |   .5024512   .1090208     4.61   0.000     .2887743    .7161281
  161.               124  |   3.420222   .2365685    14.46   0.000     2.956557    3.883888
  162.               125  |   3.679835   .2527963    14.56   0.000     3.184363    4.175306
  163.               126  |   .5229901    .104912     4.99   0.000     .3173663    .7286138
  164.               127  |   1.026081   .1556909     6.59   0.000     .7209326     1.33123
  165.               128  |   3.116239   .2208024    14.11   0.000     2.683474    3.549003
  166.               129  |   1.626305   .1253306    12.98   0.000     1.380662    1.871948
  167.               130  |   1.970717   .1757151    11.22   0.000     1.626322    2.315112
  168.               131  |   1.545423   .1445243    10.69   0.000     1.262161    1.828686
  169.               132  |   .4637183   .1296621     3.58   0.000     .2095852    .7178514
  170.               133  |  -.7467869   .1130544    -6.61   0.000    -.9683695   -.5252042
  171.               134  |  -.2241033   .1323862    -1.69   0.090    -.4835756    .0353689
  172.               281  |  -.4309239   .1271347    -3.39   0.001    -.6801034   -.1817445
  173.                    |
  174.              _cons |  -1.738724   .1681374   -10.34   0.000    -2.068267   -1.409181
  175. -------------------+----------------------------------------------------------------
  176.            sigma_u |          0
  177.            sigma_e |  .32154135
  178.                rho |          0   (fraction of variance due to u_i)
  179. ------------------------------------------------------------------------------------

水泥存量数据分析

  1. import excel "G:\Stock Estimation Study\OriginalData\StockCementPanel1992_2009_PanelData.xls", sheet("Sheet1") firstrow case(upper) clear
  2. sort ZONE_CODE YEAR
  3. xtset ZONE_CODE YEAR
  4. xtunitroot llc LOG_LIGHT_PER_AREA
  5. xtunitroot llc LOG_STOCK_PER_AREA
  6. xtwest LOG_LIGHT_PER_AREA LOG_STOCK_PER_AREA,lags(0)
  7. xtreg LOG_STOCK_PER_AREA LOG_LIGHT_PER_AREA  i.YEAR  i.ZONE_CODE
  1.        panel variable:  ZONE_CODE (strongly balanced)
  2.         time variable:  YEAR, 1992 to 2009
  3.                 delta:  1 unit
  1. Levin-Lin-Chu unit-root test for LOG_LIGHT_PER_AREA
  2. ---------------------------------------------------
  3. Ho: Panels contain unit roots               Number of panels  =    130
  4. Ha: Panels are stationary                   Number of periods =     18
  6. AR parameter: Common                        Asymptotics: N/T -> 0
  7. Panel means:  Included
  8. Time trend:   Not included
  10. ADF regressions: 1 lag
  11. LR variance:     Bartlett kernel, 8.00 lags average (chosen by LLC)
  12. ------------------------------------------------------------------------------
  13.                     Statistic      p-value
  14. ------------------------------------------------------------------------------
  15.  Unadjusted t       -34.2507
  16.  Adjusted t*        -11.1249        0.0000
  17. ------------------------------------------------------------------------------
  1. Levin-Lin-Chu unit-root test for LOG_STOCK_PER_AREA
  2. ---------------------------------------------------
  3. Ho: Panels contain unit roots               Number of panels  =    130
  4. Ha: Panels are stationary                   Number of periods =     18
  6. AR parameter: Common                        Asymptotics: N/T -> 0
  7. Panel means:  Included
  8. Time trend:   Not included
  10. ADF regressions: 1 lag
  11. LR variance:     Bartlett kernel, 8.00 lags average (chosen by LLC)
  12. ------------------------------------------------------------------------------
  13.                     Statistic      p-value
  14. ------------------------------------------------------------------------------
  15.  Unadjusted t       -29.0366
  16.  Adjusted t*        -27.1178        0.0000
  17. ------------------------------------------------------------------------------
  1. Calculating Westerlund ECM panel cointegration tests..........
  3. Results for H0: no cointegration
  4. With 130 series and 1 covariate
  6. -----------------------------------------------+
  7.  Statistic |   Value   |  Z-value  |  P-value  |
  8. -----------+-----------+-----------+-----------|
  9.      Gt    |   -4.819  |  -42.116  |   0.000   |
  10.      Ga    |   -6.439  |   -6.610  |   0.000   |
  11.      Pt    |  -18.619  |  -10.965  |   0.000   |
  12.      Pa    |   -1.136  |   -0.431  |   0.333   |
  13. -----------------------------------------------+
  1. Random-effects GLS regression                   Number of obs     =      2,340
  2. Group variable: ZONE_CODE                       Number of groups  =        130
  4. R-sq:                                           Obs per group:
  5.      within  = 0.7006                                         min =         18
  6.      between = 1.0000                                         avg =       18.0
  7.      overall = 0.9950                                         max =         18
  9.                                                 Wald chi2(147)    =  433124.98
  10. corr(u_i, X)   = 0 (assumed)                    Prob > chi2       =     0.0000
  12. ------------------------------------------------------------------------------------
  13. LOG_STOCK_PER_AREA |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
  14. -------------------+----------------------------------------------------------------
  15. LOG_LIGHT_PER_AREA |   .2572369   .0239095    10.76   0.000     .2103752    .3040985
  16.                    |
  17.               YEAR |
  18.              1993  |  -.0349763   .0235014    -1.49   0.137    -.0810382    .0110856
  19.              1994  |  -.0027345   .0241403    -0.11   0.910    -.0500486    .0445796
  20.              1995  |   .0429506   .0245467     1.75   0.080    -.0051602    .0910613
  21.              1996  |   .0915199   .0249319     3.67   0.000     .0426542    .1403855
  22.              1997  |   .1176174   .0262147     4.49   0.000     .0662374    .1689973
  23.              1998  |   .1618852   .0265197     6.10   0.000     .1099076    .2138629
  24.              1999  |   .1894191   .0274593     6.90   0.000     .1355998    .2432383
  25.              2000  |   .2337395   .0277205     8.43   0.000     .1794083    .2880706
  26.              2001  |   .2783026   .0278902     9.98   0.000     .2236389    .3329664
  27.              2002  |   .3307467   .0280187    11.80   0.000     .2758311    .3856622
  28.              2003  |   .3793606   .0281606    13.47   0.000     .3241668    .4345545
  29.              2004  |   .4239872   .0283193    14.97   0.000     .3684823     .479492
  30.              2005  |   .4710886   .0284051    16.58   0.000     .4154156    .5267617
  31.              2006  |   .5188752   .0285413    18.18   0.000     .4629352    .5748153
  32.              2007  |   .5676707   .0286394    19.82   0.000     .5115385     .623803
  33.              2008  |   .5888491   .0303681    19.39   0.000     .5293287    .6483695
  34.              2009  |   .6693938   .0282444    23.70   0.000     .6140358    .7247518
  35.                    |
  36.          ZONE_CODE |
  37.                 2  |   4.282183   .0797159    53.72   0.000     4.125943    4.438423
  38.                 3  |    1.94545   .0887662    21.92   0.000     1.771472    2.119429
  39.                 4  |   .5856171   .0599723     9.76   0.000     .4680736    .7031606
  40.                 5  |   1.741708   .0956988    18.20   0.000     1.554142    1.929274
  41.                 6  |   1.050263   .0768078    13.67   0.000     .8997226    1.200804
  42.                 7  |    4.79434   .1260345    38.04   0.000     4.547317    5.041363
  43.                 8  |    3.46519   .1244282    27.85   0.000     3.221315    3.709064
  44.                 9  |   5.927268    .201226    29.46   0.000     5.532872    6.321663
  45.                10  |    2.98396      .1044    28.58   0.000      2.77934     3.18858
  46.                11  |   5.179584   .1890382    27.40   0.000     4.809076    5.550092
  47.                12  |   8.213857   .1677698    48.96   0.000     7.885034     8.54268
  48.                13  |   2.312518   .0656906    35.20   0.000     2.183767    2.441269
  49.                14  |    .387865   .0736773     5.26   0.000     .2434601      .53227
  50.                15  |   1.900984   .0946341    20.09   0.000     1.715504    2.086463
  51.                16  |   3.446506   .1577659    21.85   0.000     3.137291    3.755722
  52.                17  |   4.436054   .1022123    43.40   0.000     4.235721    4.636386
  53.                18  |     .19107   .0634991     3.01   0.003      .066614    .3155261
  54.                19  |   1.135005   .0609476    18.62   0.000      1.01555     1.25446
  55.                20  |    1.64243   .0627792    26.16   0.000     1.519385    1.765475
  56.                21  |   .8356742    .107593     7.77   0.000     .6247958    1.046553
  57.                22  |   2.869151   .0963517    29.78   0.000     2.680305    3.057997
  58.                23  |   2.082363   .0938209    22.20   0.000     1.898478    2.266249
  59.                24  |   3.907224   .0990986    39.43   0.000     3.712994    4.101453
  60.                25  |   7.664064    .203156    37.73   0.000     7.265885    8.062242
  61.                26  |   2.298123   .0979653    23.46   0.000     2.106114    2.490132
  62.                27  |  -1.917655   .0598611   -32.04   0.000     -2.03498   -1.800329
  63.                28  |    2.76512   .1268315    21.80   0.000     2.516534    3.013705
  64.                29  |   2.154223   .0770121    27.97   0.000     2.003282    2.305164
  65.                30  |   3.762492   .1032399    36.44   0.000     3.560146    3.964839
  66.                31  |    4.63368   .1568179    29.55   0.000     4.326322    4.941037
  67.                32  |   5.175049   .1390722    37.21   0.000     4.902473    5.447626
  68.                33  |   5.722437   .0632678    90.45   0.000     5.598434     5.84644
  69.                34  |   4.318651   .1456081    29.66   0.000     4.033264    4.604037
  70.                35  |   8.301379   .0917481    90.48   0.000     8.121556    8.481202
  71.                36  |   2.583308    .107519    24.03   0.000     2.372575    2.794042
  72.                37  |   3.045585   .1174756    25.93   0.000     2.815337    3.275833
  73.                38  |   3.648246    .134042    27.22   0.000     3.385529    3.910963
  74.                39  |  -.8578167   .0607016   -14.13   0.000    -.9767897   -.7388438
  75.                40  |   .4989412   .0603522     8.27   0.000     .3806531    .6172293
  76.                41  |   2.703335   .0678186    39.86   0.000     2.570413    2.836257
  77.                42  |   2.245515   .1362354    16.48   0.000     1.978499    2.512532
  78.                43  |   4.240982   .1465113    28.95   0.000     3.953825    4.528139
  79.                44  |   .8302445   .0682521    12.16   0.000     .6964727    .9640162
  80.                45  |   .5738984   .0858137     6.69   0.000     .4057067    .7420901
  81.                46  |   5.191137   .1506935    34.45   0.000     4.895783     5.48649
  82.                47  |   2.454385   .0884057    27.76   0.000     2.281113    2.627657
  83.                48  |   4.452405    .125341    35.52   0.000     4.206741    4.698069
  84.                49  |   4.918006   .1685379    29.18   0.000     4.587677    5.248334
  85.                50  |    2.84824    .105681    26.95   0.000     2.641109    3.055371
  86.                51  |   3.329596   .0906856    36.72   0.000     3.151856    3.507337
  87.                52  |   2.199378   .0997698    22.04   0.000     2.003833    2.394924
  88.                53  |   4.310985   .1264152    34.10   0.000     4.063216    4.558755
  89.                54  |   3.241103   .1077979    30.07   0.000     3.029823    3.452383
  90.                55  |   2.478128   .0949659    26.09   0.000     2.291998    2.664257
  91.                56  |   2.503743   .1167196    21.45   0.000     2.274976    2.732509
  92.                57  |   2.912058   .1163065    25.04   0.000     2.684101    3.140014
  93.                58  |   3.851945   .1245878    30.92   0.000     3.607758    4.096133
  94.                59  |   4.805406    .177285    27.11   0.000     4.457933    5.152878
  95.                60  |   5.030377   .1600142    31.44   0.000     4.716755       5.344
  96.                61  |   3.920764    .149758    26.18   0.000     3.627244    4.214284
  97.                62  |   5.288167   .1682187    31.44   0.000     4.958464    5.617869
  98.                63  |   3.325056   .1190724    27.92   0.000     3.091678    3.558434
  99.                64  |    1.75364   .0656391    26.72   0.000      1.62499    1.882291
  100.                65  |   4.737692   .1735656    27.30   0.000      4.39751    5.077874
  101.                66  |  -.4012046   .0601536    -6.67   0.000    -.5191034   -.2833057
  102.                67  |   5.213593   .1680364    31.03   0.000     4.884247    5.542938
  103.                68  |   1.570662   .0894799    17.55   0.000     1.395284    1.746039
  104.                69  |   .3491957   .0614544     5.68   0.000     .2287474     .469644
  105.                70  |   1.444729   .0747212    19.33   0.000     1.298278     1.59118
  106.                71  |   3.268095   .1195735    27.33   0.000     3.033735    3.502454
  107.                72  |  -.6417088   .0624598   -10.27   0.000    -.7641277   -.5192898
  108.                73  |  -3.605793   .2043368   -17.65   0.000    -4.006286     -3.2053
  109.                74  |   5.133648   .1783965    28.78   0.000     4.783998    5.483299
  110.                75  |  -.5837445   .0637604    -9.16   0.000    -.7087126   -.4587764
  111.                76  |   2.730907   .1215596    22.47   0.000     2.492654    2.969159
  112.                77  |  -.2915631   .0618103    -4.72   0.000    -.4127091   -.1704172
  113.                78  |   3.193356   .0972315    32.84   0.000     3.002786    3.383927
  114.                79  |   .8423072    .059742    14.10   0.000      .725215    .9593993
  115.                80  |   .7435771   .0648649    11.46   0.000     .6164443      .87071
  116.                81  |   1.228716   .0670196    18.33   0.000      1.09736    1.360072
  117.                82  |   5.028852   .1804855    27.86   0.000     4.675107    5.382597
  118.                83  |   2.310247   .0849667    27.19   0.000     2.143716    2.476779
  119.                84  |   2.152337   .1026471    20.97   0.000     1.951152    2.353522
  120.                85  |   1.699849   .0878273    19.35   0.000      1.52771    1.871987
  121.                86  |  -1.130911   .0646699   -17.49   0.000    -1.257661    -1.00416
  122.                87  |   1.886116   .1176016    16.04   0.000     1.655621    2.116611
  123.                88  |   2.370552   .1256631    18.86   0.000     2.124257    2.616847
  124.                89  |   1.230701   .1737814     7.08   0.000     .8900951    1.571306
  125.                90  |   1.636742   .1102079    14.85   0.000     1.420738    1.852745
  126.                91  |   2.641874   .1069574    24.70   0.000     2.432241    2.851507
  127.                92  |   2.560558   .1071074    23.91   0.000     2.350631    2.770484
  128.                93  |   .6633536   .0845451     7.85   0.000     .4976482    .8290591
  129.                94  |   1.808844    .078637    23.00   0.000     1.654719     1.96297
  130.                95  |   3.718753   .1035047    35.93   0.000     3.515887    3.921618
  131.                96  |   4.418986    .129129    34.22   0.000     4.165898    4.672075
  132.                97  |   4.450651   .1441547    30.87   0.000     4.168113    4.733189
  133.                98  |   3.862363   .1656961    23.31   0.000     3.537605    4.187122
  134.                99  |   5.401631   .1663529    32.47   0.000     5.075585    5.727677
  135.               100  |   4.749053   .1440143    32.98   0.000      4.46679    5.031316
  136.               101  |   4.617091   .0995017    46.40   0.000     4.422071    4.812111
  137.               102  |   1.079607   .0777437    13.89   0.000     .9272322    1.231982
  138.               103  |   2.281182   .1138371    20.04   0.000     2.058066    2.504299
  139.               104  |   2.336475   .0690534    33.84   0.000     2.201133    2.471817
  140.               105  |     1.3661   .0662177    20.63   0.000     1.236316    1.495885
  141.               106  |   8.070455    .210793    38.29   0.000     7.657309    8.483602
  142.               107  |   4.187725    .142174    29.45   0.000     3.909069    4.466381
  143.               108  |    3.40983   .1052135    32.41   0.000     3.203615    3.616045
  144.               109  |  -.0353922   .0627956    -0.56   0.573    -.1584694    .0876849
  145.               110  |   .5140059   .0668564     7.69   0.000     .3829697    .6450421
  146.               111  |    2.62866   .1309329    20.08   0.000     2.372036    2.885284
  147.               112  |   5.097678   .1523227    33.47   0.000      4.79913    5.396225
  148.               113  |   3.274063   .1283466    25.51   0.000     3.022508    3.525617
  149.               114  |   3.627989   .1168589    31.05   0.000      3.39895    3.857028
  150.               115  |   2.684202    .077403    34.68   0.000     2.532495    2.835909
  151.               116  |   4.293332   .1618171    26.53   0.000     3.976176    4.610487
  152.               117  |   3.355423   .1136014    29.54   0.000     3.132768    3.578077
  153.               118  |   3.794912   .1078463    35.19   0.000     3.583537    4.006287
  154.               119  |   1.126048   .0636908    17.68   0.000     1.001217     1.25088
  155.               120  |   3.614804   .1565256    23.09   0.000     3.308019    3.921588
  156.               121  |   4.486115   .1680819    26.69   0.000      4.15668    4.815549
  157.               122  |   .7304956   .0602682    12.12   0.000     .6123721    .8486191
  158.               123  |   2.242902   .0990943    22.63   0.000     2.048681    2.437123
  159.               124  |   2.706077   .1456678    18.58   0.000     2.420573    2.991581
  160.               125  |   2.261344   .1136209    19.90   0.000     2.038651    2.484037
  161.               126  |   3.397116   .0904545    37.56   0.000     3.219829    3.574404
  162.               127  |   1.443201   .0795639    18.14   0.000     1.287259    1.599144
  163.               128  |   .5659604   .0669454     8.45   0.000     .4347498     .697171
  164.               129  |   1.754179   .0818851    21.42   0.000     1.593688    1.914671
  165.               271  |   1.589332   .0779088    20.40   0.000     1.436634     1.74203
  166.                    |
  167.              _cons |   2.559204   .1106698    23.12   0.000     2.342295    2.776113
  168. -------------------+----------------------------------------------------------------
  169.            sigma_u |          0
  170.            sigma_e |  .17915011
  171.                rho |          0   (fraction of variance due to u_i)
  172. ------------------------------------------------------------------------------------
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